AurCrest Announces Closing of Debt Settlement
TORONTO, ONTARIO--(Marketwired - Jun 1, 2015) - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX VENTURE: AGO) wishes to announce that, further to its press release dated May 22, 2015, it has extinguished an aggregate of $429,545.74 of debt owed to certain insiders of the Company and other parties (including former insiders) in consideration for the issuance of 8,590,914 common shares of the Company at a deemed price of $0.05 per share pursuant to the minimum pricing rules of the TSX Venture Exchange ("TSXV"). Certain insiders and former insiders released the Company from debts totalling $47,257.55 for no consideration. The debt settlement settles an aggregate of $476,803.29 of current liabilities of the Company reducing the current liabilities as at March 31, 2015 from $776,544 to $299,741. The securities issued are legended and restricted from trading until October 2, 2015.
The insider debt settlements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contain in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company issued to insiders does not exceed 25% of its market capitalization.
About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
AurCrest Gold Inc.
Ian Brodie-Brown
President and C.E.O.
(416) 368-2929
info@aurcrestgold.com
www.aurcrestgold.com